MP Materials Corporation

MP Materials Corp. delivered a mixed second quarter for fiscal 2026, posting revenue of $108.49 million, a robust 89% increase year over year that cleared the $95.95 million consensus estimate by 13.08%, yet falling short on the bottom line with an adjusted diluted EPS loss of $0.01 against an expected loss of $0.00, a miss of 170.27% that snapped the company's five-quarter EPS beat streak. The story behind the revenue surge was clear: NdPr oxide and metal sales skyrocketed 277% to $94.43 million as separated product volumes reached 1,006 metric tons, reflecting the successful ramp of MP's downstream processing capabilities. Profitability, however, remained constrained by $14.43 million in start-up costs tied to initial magnet production at the Independence facility, weighing on net loss even as adjusted EBITDA swung to a positive $28.49 million from negative $12.54 million a year ago. With government backing and a new aerospace and defense offtake agreement for separated gadolinium, MP continues advancing its vertical integration strategy amid growing U.S. demand for domestically sourced critical minerals.